S.Amdt. 3926

SA 3926. Ms. STABENOW (for herself, Mr. Bennett, Mr. Hatch, and Mr.
Levin) submitted an amendment intended to be proposed to amendment SA
3739 proposed by Mr. Reid (for Mr. Dodd (for himself and Mrs. Lincoln))
to the bill S. 3217, to promote the financial stability of the United
States by improving accountability and transparency in the financial
system, to end ``too big to fail'', to protect the American taxpayer by
ending bailouts, to protect consumers from abusive financial services
practices, and for other purposes; which was ordered to lie on the
table; as follows:

On page 431, strike lines 14 through 20 and insert the
following:
(ii) results from--

(I) the merger or whole acquisition of a commercial firm
that directly or indirectly controls the industrial bank,
credit card bank, or trust bank in a bona fide merger with or
acquisition by another commercial firm, as determined by the
appropriate Federal banking agency;
(II) an acquisition of voting shares in a publicly traded
holding company of a industrial bank if, after the
acquisition, the acquiring shareholder (or group of
shareholders acting in concert)--

(aa) holds less than 25 percent of the voting shares of the
company; and
(bb) has obtained all regulatory approvals required for
such change of control under section 7(j) of the Federal
Deposit Insurance Act (12 U.S.C. 1817(j)) and any applicable
State law; or

(III) an internal reorganization of affiliated entities in
which the ownership of the industrial bank, credit card bank,
or trust bank is transferred from one affiliate to another
after receiving all regulatory approvals required for such
change of control under section 7(j) of the Federal Deposit
Insurance Act (12 U.S.C. 1817(j)) and any applicable State
law.

______